Debt Consolidation

Do you have unsecured borrowing on credit cards or loans? If so, you are likely to be paying a lot more interest than you would if your borrowing was secured on property through mortgage debt consolidation.

Why do you pay less interest on secured debt?

The simple answer is lenders see secured debt as less of a risk and for two reasons;

People are far more likely to pay back what they owe on a mortgage each month even if they are struggling because keeping a roof over their head is always going to be a priority.

Secured debt also means the debt is secured on an asset which makes it easier to recover all or a significant proportion of the outstanding amount if the borrower defaults on repayments in the future.

How can we help you?

At Huxley Mortgage Services we have a team of experienced independent mortgage brokers who are able to help you find the best mortgages to fit your individual circumstances. We are whole of market mortgage brokers which means we can source the best mortgage products from over 140 different lenders. Even if you are self-employed, have adverse credit or you have been refused a mortgage before we can help. Simply give us a call or contact us via the website.

How can mortgage debt consolidation help me?

If you have debts spread across multiple credit cards as well as loans and other financial commitments, your financial situation can be constant source of stress and worry. With multiple payments being made every month and often high interest charged on credit cards, it can take many years to pay off debts or you may end up spending years just covering interest rather than paying off your balances.

This can cost you enormous amounts in interest payments without ever paying off a debt. Consolidating your debts on a mortgage will provide you with an end point so you can plan finances better and potentially even pay less each month.

You will also be able to streamline all your monthly repayments into a single mortgage payment and you will have the peace of mind that you are reducing the balance of what you owe each month and paying a lot less interest on your borrowing.

Disclaimer

Some types of mortgages are not regulated by the FCA so please consider your options carefully before securing debts on your home. Your home may be repossessed if you do not keep up with your repayments.

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Debt consolidation

Debt consolidation is when you take out a new loan to pay off other, smaller debts that you already have. In effect, multiple loans are merged into a single, larger and more manageable debt.

When taking out a debt consolidation loan, you use that money to pay off your outstanding debts in full, and then you focus on paying back this new loan over an agreed time period. Debt consolidation loans usually offer more favourable payment terms compared to other loans, including lower interest rates and lower monthly payments.

Consolidating your debts does not make them disappear — it just makes life easier and can help to save you money in the long run.

 

Ask us a question

 

What Types Of Debt Consolidation Loans Are Available?

 

What Are The Benefits Of A Debt Consolidation Loan?

 

How We Can Help If You’re Looking For A Debt Consolidation Loan